DoValue, that’s why the unions are pulling Castellaneta and Mangoni

8 June 20213 years ago babelfish

All the criticisms of the banking unions at the top of doValue, a group chaired by Giovanni Castellaneta and led by Andrea Mangoni

Booming accounts, union strikes and resignation from the board of directors.

Life at home is not all roses and flowers of dovalue, "the first operator in Southern Europe active in the management of loans and real estate assets, mainly deriving from non-performing loans, on behalf of banks and investors", as the same institution on its corporate website.

It will also be chaired by a long-time ambassador like Giovanni Castellaneta , but trade union relations are anything but diplomatic according to the trade unionists who are angry with the company led by CEO Andrea Mangoni , formerly in Telecom, Sorgenia and Fincantieri.

The trade union tensions are deduced from a joint press release from the banking federations: "The trade unions Fabi, First Cisl, Fisac Cgil, Uilca and Unisin block industrial relations with the DoValue group until the group testifies its active interest in human capital welfare. The worker cannot and must not be the sacrificial lamb of the market, in honor of the God Ebit ”. This is what is stated in the note signed by the coordinating secretariats of the banking unions Fabi, First Cisl, Fisac Cgil, Uilca and Unisin in the DoValue group.

The unions denounce "the motivational desert that was widely confirmed in the company survey on the subject of remuneration (fixed and variable) and in the perennial restructuring plan of the group, which provides for periodic cost containment operations (of personnel!) Even with the closure of historic (albeit peripheral) branches that have always been an operational model of success and excellence for the non-performing loan ( npl ) sector ".

Fabi, First Cisl, Fisac Cgil, Uilca and Unisin, the note continues, observe that the recent "inevitable strike of 28 May, declared with a broad mandate collected in the nine online assemblies, was joined by almost all the 'exploited' staff".

The banking unions, then, "denounce the request for help from their colleagues harassed by unsustainable workloads and who nail female workers well beyond seven and a half hours of a normal working day (up to fifteen consecutive hours and for more than five days a week), with potential increases in operational risks and, nevertheless, in their health. The hidden extraordinary of the smart worker has become a dangerous practice. And the company, called to Abi to discuss possible solutions to the problems highlighted in the appointed offices, declined the invitation by not appearing at the table ”.

As for the protest, FABI, First Cisl, Fisac Cgil, Uilca and Unisin recall "that the 28th day is a recurring tradition for the strike in doValue Italia: 28 February 2017, 28 June 2019 and 28 May 2021. crossed his arms, joining the strike due to the age-old problem linked to workloads "Banks: in the branch without an appointment in the white and yellow area

The unions contest the top management also because the doValue accounts shine. Gross revenues in the first quarter of the year amounted to 123.66 million euros, up 47% compared to 84.26 million in the same quarter of the previous year. Gross operating profit, excluding non-recurring items, jumped to 35.75 million, up 83% compared to 19.5 million in the same period last year. The margin went from 23% to 29%.

The final result, attributable to the shareholders of the parent company (excluding non-recurring items) returned positive for 5.54 million euros compared to the red of 718 thousand euros in the first quarter of 2020. The growth is due to the increase in the operating margin, partially offset the higher amortization of intangible assets following the acquisition of doValue Greece.

At the end of March 2021, the managed portfolio was equal to 157.7 billion euros, an increase compared to the 134.4 billion euros at the end of 2020. At the same date, the net financial position was negative for 376.46 million euros, an improvement compared to 410.56 million at the end of 2020.

Finally, the reasons for the resignation of the director have not been fully explained. In recent days, DoValue has only communicated – we read in a newspaper specialized in financial matters, but the press release does not appear on the institute's website – that it had received, on 10 May 2021, the resignation, with immediate effect, of the executive Patrizia Michela Giangualano, due to professional commitments: "Dr. Giangualano, appointed director by the Ordinary Shareholders' Meeting held on April 29, 2021, as a name taken from the list presented by the Trevisan & Associati law firm on behalf of a group of institutional investors , is not a member of any internal board committee and had not previously held any position in doValue. The Company will therefore proceed, over the next few weeks, with the appointment by co-optation of a new director, with the requisites of independence, in compliance with the provisions of the law and the Articles of Association and will promptly inform the market ".

Now the unions are waiting for diplomacy to take hold in doValue, re-establishing correct trade union relations also in deference to the Abi etiquette which has in fact been violated by the company chaired by Castellaneta and Mangoni.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/dovalue-ecco-perche-i-sindacati-strattonano-castellaneta-e-mangoni/ on Tue, 08 Jun 2021 10:08:09 +0000.